59% Indians make sure they are saving for retirement: Survey

Indians are the best placed in superannuation preparedness among respondents from 15 countries, finds the Aegon Retirement Readiness Survey 2017. 

7.56 is India's score, putting it on top of the Aegon Retirement Readiness Index. 

I. How aware are Indians about the need to plan finances for retirement 

49% are very aware 

35% are reasonably aware 

2% have low awareness 

II. What is their approach to retirement saving 

59% always make sure they are saving for retirement 

25% save from time to time 

7% are not saving at present, though they have in the past 

7% are not saving, though they intend to 

2% have never saved for retirement and don’t intend to 

III. What are their important retirement aspirations 

54% want to travel 

58% want to spend more time with family and friends 

45% want to pursue new hobbies 

31% want to start a new business 

24% want to carry on working in the same field 

20% want to start working in another field 

IV. How confident are they about retiring comfortably 

57% are very confident 

10% are not 

V. Are they saving enough 

38% are saving adequately 

33% say they are saving enough 

3% are not saving at all

VI. What are the positives aspects of retirement 

41% link it with freedom 

40% associate it with enjoyment 

37% equate it with leisure 

VII. Do they have a back-up plan should they stop working early 

68% do have a plan 

28% don’t have a plan 

4% don’t know

VIII. How concerned are they about health in old age 

59% are very concerned 

24% are somewhat concerned 

13% assume it will be ok 

4% have not really given it any thought 

IX. Are they on course to achieving their retirement needs 

42% will achieve target retirement income 

11% hope to achieve three quarters of the target 

14% will achieve around half 

15% will gather around quarter of the requirements 

18% may not meet income target

X. The negative associations are 

16% associate retirement with loneliness 

15% with ill health 

11% with insecurity 

XI. How much of the retirement income do they expect from the following sources 

27% Government 

30% Employer 

43% Own savings and investments

Source: Aegon Retirement Readiness Survey 2017. The study covered a sample of 900 workers and 100 retired persons in india. 

Source: The Economic Times Wealth